KKR has made five new self-storage property acquisitions. The aggregate purchase amounted to $98 million, a press release reported.
The new storages, acquired from four sellers in three separate transactions, will span 4,100 units. According to the press release, KKR’s Americas opportunistic equity real estate fund, KKR Real Estate Partners Americas III, was tasked with carrying out the transaction.
Though based on a national level in Phoenix, Arizona; Dallas, Texas; San Antonio, Texas and Palm City, Florida, the new locations will collaborate with staff based in other locations across 13 offices and 10 countries, adding to the company’s global real estate team of 135.
“We track sector fundamentals closely and believe these assets are located in submarkets that are well positioned to benefit from outsized demand over the medium to long term,” Ben Brudney, a director in the real estate group at KKR, said in the release.
Based in New York, the global investment firm has established a portfolio of real estate assets worth $59 billion across the U.S., Europe and Asia Pacific since it first launched more than a decade ago, as it most recently reported in late March 2021.